India ready to become the new engine of world growth: RBI Governor – Dainik Savera Times
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Mumbai: The Reserve Bank of India (RBI) on Friday maintained the country’s gross domestic product (GDP) growth estimate at 6.5 percent for the current financial year. Central Bank Governor Shaktikanta Das has said that India is ready to become the engine of growth of the world. Presenting the bi-monthly monetary review of the Reserve Bank, Das said that amid the slowing pace of the global economy, the domestic economy is showing resilience due to strong demand.
Quoting Kautilya’s great text ‘Arthashastra’, the RBI Governor said that macro-economic stability and inclusive growth are the basic elements for the country’s progress. “The policy response we have adopted over the past few years to respond to multiple and unexpected shocks has strengthened macroeconomic and financial stability,” he said. Instead of bookkeeping pressure, there is now a situation of double bookkeeping benefits in which the accounts of both banks and companies are strong.
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He said that the global economy is currently slowing down due to the impact of difficult financial conditions, prolonged geopolitical tensions and increasing geo-economic fragmentation. “Contrary to global trends, domestic economic activity reflects buoyancy, driven by strong domestic demand,” the RBI Governor said. India is set to become the world’s new engine of growth.” Das said geopolitical pressures, volatility in financial markets and fuel prices and climate-related events pose risks to the growth outlook. Keeping all these aspects in mind, RBI has estimated to achieve a growth rate of 6.5 percent in the current financial year.
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RBI said that the growth rate is estimated to be 6.5 percent in the second quarter of the financial year 2023-24, six percent in the third quarter and 5.7 percent in the fourth quarter. Considering the risks equally in these quarters, the growth rate for the entire financial year is estimated at 6.5 percent. Whereas in the first quarter of the next financial year 2024-25, the real growth rate may be 6.6 percent.
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Earlier in the review meeting in August also, RBI had estimated only 6.5 percent growth for the financial year 2023-24. The RBI Governor said the Indian economy is growing in a challenging global environment and is drawing strength from its underlying macro-economic fundamentals and other supporting points. However, Das said rising prices of some food products have bucked the downward trend in inflation in the July-September quarter. RBI has maintained the estimate of retail inflation at 5.4 percent in the current financial year.
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